Aug 29, 2024 12:05
Due to regulatory hurdles, XRP failed to initiate a significant rally alongside other notable cryptocurrency assets like Bitcoin and Ethereum in the 2021 bull cycle. There has been much speculation about when the altcoin will surge again. However, a market expert has recently shared insights into when the actual price impact for XRP will develop, indicating a positive future for the crypto asset. Real Price Impact For XRP On The Horizon SMQKE, an observer and researcher of Current Tech Shift, has disclosed the period for the much-anticipated rally for XRP to come to light, emphasizing the key developments that may influence the value of the digital asset in the future. Related Reading: Crypto Analyst Predicts 42,263% Breakout For XRP Price To $280, Heres The Roadmap The expert bases his prediction on the recent developments around the Ripple-Russia Presentation, which implies that major confirmation was provided that all of the big banks that have teamed up with Ripple, including leading banks that are crucial to the system, such as Standard Chartered, Santander, and Bank of America, are currently running in test mode. “If these major banks are still in the testing phase, it means they have not yet fully integrated Ripples technology into their daily operations,” he added. Because of this, SMQKE believes that XRP has been unable to move significantly despite its potential utility. XRP may be struggling to undergo a major price upswing, but SMQKE asserts that this development is encouraging for XRP’s future because systemically important banks are participating in the ongoing testing. As a result, the researcher is confident that after the tests are over and the big banks have transitioned to full-scale adoption of Ripple’s technology, the real price effect for XRP will take place. This is because once these tests are successfully concluded, there will be a greater need for XRP as a utility asset in financial transactions, potentially resulting in a sharp increase in the altcoin price. Current State Of The Market In A “Wait And See” Phase According to the expert, the market could be in a “wait and see” phase. This is because investors might be delaying pushing up XRP’s price until they see definite evidence of widespread acceptance and regulatory certainty around the asset. Related Reading: XRP Set To Explode? Top Analyst Predicts $33 Rally The legal litigation between Ripple and the United States Securities and Exchange Commission (SEC) has been a major roadblock for the potential of XRP. SMQKE’s insights suggest that investors await the lawsuit’s conclusion before pouring massive capital into the crypto asset market. If the lawsuit ends and Ripple’s technology integration tests with big banks go live, there is a good chance that the value of XRP will witness a notable price rally, possibly to new all-time highs. Featured image from Adobe Stock, chart from Tradingview.com
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